The market may open a tad higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 12 points at the opening bell.
PSU OMCs and auto stocks will be in focus as oil marketing companies hiked petrol price by 70 paise per litre and diesel by 50 paise a litre. The increase in rates, which are excluding local sales tax or VAT, will be effective from Thursday, 1 August 2013.
Auto and cement companies will start unveiling their monthly sales figures for July starting today, 1 August 2013.
Bank of Baroda and Power Grid Corporation of India will unveil their April-June 2013 quarter results today, 1 August 2013.
L&T said after market hours on Wednesday, 31 July 2013, that company has no immediate plans to sell upto 1% of the company's shareholding in L&T Finance Holdings (LTFH) on the floor of the stock exchanges to achieve the minimum level of public shareholding of 25% in LTFH. L&T said that the company is exploring various ways to achieve 25% minimum public shareholding in LTFH on or before the due date of compliance of minimum public shareholding which is 10 August 2014. The company said approval by the Securities Exchange Board of India (Sebi) to sell upto 1% of the company's shareholding in L&T Finance Holdings (LTFH) on the floor of the stock exchanges is only one of the several methods available to achieve 25% minimum public shareholding in LTFH.
Neyveli Lignite Corporation (NLC) after trading hours on Wednesday, 31 July 2013, said that the Government of India (GoI) has fixed price band of Rs 58 to Rs 60 per share with respect to the institutional placement programme (IPP) of equity shares of the company to Qualified Institutional Buyers (QIB) by way of an offer for sale (OFS) by Government of India. The IPP transaction will be completed in one tranche on Friday, 2 August 2013. The divestment in NLC will be conducted through an institutional placement programme in which Tamil Nadu-based state entities would be given preference. Earlier this month, the market regulator Securities & Exchange Board of India (Sebi) had given the go-ahead to the disinvestment department's proposal to give preference in the share allotment to PSUs located in Tamil Nadu as Neyveli's generating units are located in Tamil Nadu.
Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for July 2013 today, 1 August 2013.
Key benchmark indices edged lower in choppy trade on Wednesday, 31 July 2013, on caution ahead of the Federal Reserve's policy decision. The S&P BSE Sensex lost 2.64 points or 0.01% to 19,345.70 on that day, its lowest closing level since 10 July 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 142.87 crore on Wednesday, 31 July 2013, as per provisional data from the stock exchanges.
Asian stocks rose on Thursday paring this week's losses after the Federal Reserve maintained its bond-buying program at current levels. Key benchmark indices in Hong Kong, China Japan, Singapore, South Korea and Indonesia rose by 0.05% to 1.06%. Taiwan's Taiwan Weighted fell 0.19%.
A privately compiled gauge of China's manufacturing activity sank to an 11-month low, the index's publishers HSBC and Markit said Thursday. The HSBC manufacturing Purchasing Managers' Index fell to 47.7, down from June's final reading 48.2. The result contrasted with an official version of the manufacturing PMI, which unexpectedly rose to 50.3 from June's 50.1. Any reading above 50 indicates activity is expanding, and the July data marked the third straight month the HSBC registered contraction, and also the third month the two PMIs differed on whether factory activity was rising. HSBC's PMI covers a smaller number of firms and focuses on smaller manufacturers, while the official PMI includes more of the large state-run firms. HSBC's survey also showed new orders falling at their fastest rate in almost a year, though pace of the contraction for new export orders slowed.
Chinese leaders pledged at a Politburo meeting this week to maintain steady second-half growth while pressing on with economic reforms.
US stocks ended mixed on Wednesday after a busy day of news that included a policy statement from the Federal Reserve and a mixed report on US economic growth. Second-quarter US gross domestic product grew 1.7%, above the 1.1% pace expected. However, the report also included a steep downgrade in first-quarter GDP growth, which is now estimated at 1.1% instead of 1.8%.
The Federal Open Market Committee, which has floated the prospect of reductions to its stimulus program should economic risks abate, said yesterday after a two-day long meet that while growth should pick up, persistently low inflation may hamper the recovery. The statement came as data showed US gross domestic product expanded more than economists estimated last quarter.
The influential US non-farm payroll data for July 2013 is due tomorrow, 2 August 2013.
The European Central Bank (ECB) and the Bank of England (BoE) will announce their policy decisions later in the global day today, 1 August 2013.
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